When I grew up in the sixties and seventies, my parents wanted me to pursue a professional career. Lawyer, accountant or banker would all have been seen by them as steady, safe and respectable choices.
Not being the most enthusiastic scholar, I joined a bank and 35 years ago started on a path of learning the business and taking professional examinations. Little did I realise that in 2013, senior bankers would be seen by policy makers as akin to Mafia Dons.
The FSA’s (now FCA’s) policy of credible deterrence towards Approved Persons was significantly strengthened in 2011 through increases in the sanctions that could be applied to individuals. Already, these new powers have lead to some very high fines against senior managers.